question
if demand is perfectly inelastic, which of the following is correct?
answer
own price elasticity equals zero
question
suppose that, as a result of a 5% increase in the price of pizza, the demand for beer decreases by 1.1%. In this example, beer and pizza are?
answer
complements
question
if income elasticity of good X is negative (Eqx,m < 0) then good X is considered a(n) _______good
answer
inferior
question
if demand is elastic, a(n) ____ in price will lead to an increase in total revenue
answer
decrease
question
what is true of demand for a good that has few close substitutes?
answer
demand is relatively inelastic
question
if demand is perfectly elastic, which of the following is correct
answer
own-price elasticity is infinite
question
advertising elasticity measures
answer
changes in consumption due to changes in advertising
question
elasticity measures the responsiveness of
answer
one variable to changes in another
question
total revenue is maximized when marginal revenue equals
answer
zero
question
total revenue is maximized at a point where demand is
answer
unitary elastic
question
what is true of demand for a good that has many available substitutes
answer
demand is relatively elastic
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